The Two Main Covenants

God works covenantally.  A covenant is a pact or agreement between two or more parties.  In fact, the Latin word "testamentum" (Old Testament, New Testament) is the word "covenant."  Following is a chart that represents the Two Covenant position.  There are different interpretations of how many covenants there are, but CARM lean towards two:

THE TWO MAIN COVENANTS
COVENANT NAME	ETERNAL COVENANT ALSO CALLED THE COVENANT OF REDEMPTION (HEB. 13:20)	COVENANT OF GRACE
PARTIES INVOLVED	Father and Son (Inter Trinitarian)	God and Man
PROMISE	The Father would... Prepare the Son a body (Luke 1:35; Heb. 10:5). Give the Son the Spirit without measure (Isaiah 43:1,2; 61:1). Always support and comfort the Son (Isaiah 49:1-7;49:8). Deliver the Son from the power of Death (Psalm 2;Psalm 16:10). Bring to the Son all whom the Father had given Him (John 6:39; 17:9,24). Give the Son a number of redeemed that no one could number (Psalm 22:27; 72:17).	Eternal life for mankind The complete restoration of fellowship between God and man.
CONDITION	The Son... Was to assume human nature (Gal. 4:4,5; Heb. 2:10,44,14,15). Was to be under the Law (Psalm 40:8; Gal. 4:4,5;Phil. 2:5-8). Was to bear our sins (1 Pet. 2:24).	Faith in Jesus Christ
MEDIATOR	No Mediator	Jesus Christ